Lowell Deeds

The latest on real estate recordings and new technology from the Middlesex North Registry of Deeds in Lowell

November 13, 2007

AG Regs Delayed Until Jan 2

by @ 3:19 pm. Filed under Real Estate

Attorney General Martha Coakley was the keynote speaker at the annual meeting of the Real Estate Bar Association of Massachusetts which was held today at the DCU Center in Worcester. Coakley spoke extensively about the soon to be enacted regulations that will restrict some home mortgage loans. Most importantly, she announced that the effective date of these regulations has now been pushed back from this coming Thursday (November 15) to January 2, 2008. The primary reason for this delay is widespread uncertainty about the regs. Supposedly, some major national lenders have decreed that they will not do business in Massachusetts should these regs be enacted. Coakley was firm but conciliatory, citing countless examples of wrong doing in the mortgage industry, most of it motivated by financial conflicts by mortgage brokers some of whom would routinely place customers in more expensive mortgages just to maximize the fee paid to the mortgage broker. That’s the kind of thing the regs are intended to prevent. The Attorney General stressed that her office will have a continuous discussion over the next six weeks with all concerned to clarify the intent and the application of these regulations.

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